Add another layer to your #Business literacy. We at Serebral360° would love to know if the Forbes – Entrepreneurs article was helpful, leave a comment, like and share. Let’s dive in and discuss the information and put it to use to grow your business. #BusinessStrategy #ContentMarketing #WebDevelopment #BrandStrategy
Info@serebral360.com 762.333.1807 www.serebral360.com
Grap a copy of our NEW Business Stratgety Books #FFSS VOL1 and #FFSS VOL2
I’ve written before on the need for retail marketers to focus on experience, a concept that’s particularly important for fortifying foot traffic in physical stores. But marketing for experience is about more than in-store touch points and event activations. It’s also about how your customer feels when they engage with your products. As Marie Kondo famously asks, does [your product] spark joy?
Particularly among younger demographics, owning stuff isn’t celebrated anymore. Nobody Instagrams their cluttered homes, especially in an age where Kondo is scything Western Civilization’s most revered objects out from under us. Now it’s how you experience life that gives you social currency.
This chasmic shift has reshaped consumer behavior since Millennials gained purchasing power. They’ve disrupted tradition by favoring public transportation or car-sharing over owning cars, and renting urban apartments over buying suburban houses.
A 2014 study revealed three out of four Millennials preferred spending money on experiences over physical possessions. Five years later, the trend has infiltrated other generations as well, prompting businesses to revamp their strategies and meet changing priorities.
Learning from Travel
Millennials and their little siblings in Gen Z have, more than any other generations, embraced travel for its promise of one-of-a-kind experiences. Travel is a new status symbol of sorts, with influencers making careers of snapping adventure photos.
For the travel industry, there’s only an experience that’s being sold, which is why retailers can take cues from how travel is marketed. Through aspirational images, travel marketers transport consumers into a different frame of mind. What would an iced cold margarita feel like in my hand as I’m laying on the beach in Cabo? How would it feel to be outside of the grasp of digital distractions? It’s exactly this kind of evocation that retail marketers can learn from.
Like traditional retailers, travel marketers rely on aspiration and emotion—the prospect of an experience—to drive sales. Of course, aspirational marketing needs to have depth. Effective brands create an aspirational culture centered around a collection of beliefs and behaviors with which consumers are proud to align.
Leveraging Social Media
The experience economy goes hand-in-hand with the rise of social media and its famous FOMO. For better or worse, influencers are effective and far-reaching marketers, thanks to the aspirational quality of their content.
“Travelers aspire to visit the same places and experience the same things as the people impacting their buying decisions,” shares Andri Heioar Kristinsson, CEO of Travelade, an online trip planning platform that allows locals to curate unique experiences for travelers. ”It’s the same concept in retail, where brands have increasingly been using influencers to market their product and services – a trend driven by consumers’ aspiration of becoming more like their idols.”
From travel to fashion, users rely on social networks when considering purchases. As much as 74 percent of millennials, 63 percent of GenXers, and 54 percent of Baby Boomers now use Instagram to make purchases, and influencers have the power to sway buying decisions.
Consider elevating experiences for individual consumers by personalizing the customer experience in the same way a travel agent would. Services like Nordstrom’s Trunk Club and TrendyButler, which both integrate technology and human curation, offer highly personalized styling services, along with heightened experiences.
“In recent years, great companies have been started that rely on this phenomenon of human curation, using the human touch to aggregate the highest quality recommendations. Companies such as Pinterest and StitchFix have done a great job of combining smart recommendations driven by AI and human curation to put the cherry on top,” explains Kristinsson.
It’s not just major retailers that can put curation to work. Smaller retailers can leverage consumer purchase data to curate custom suggestions for shoppers.
The Role Of Destination
Leveraging a destination in retail marketing gives people a reason to show up. Live events are the perfect brand promotions to provide customers with unique experiences. Up to 80 percent of marketers consider events critical to success.
Pop-up stores, like Amazon’s, or sponsored events are a couple ways to generate emotions, foster memorable connections, and make your brand relatable. Done right, these experiences are also Instagrammable, generating engagement and increasing brand visibility.
Limited or time-sensitive events can also create a sense of urgency or exclusivity. IKEA’s sleepover accomodated 100 customers only. Amazon opened the London pop-up store for just one week. And the infamous Red Bull Stratos experience was a once-in-a-lifetime event. Customers don’t want to miss out.
Aspirational marketing isn’t anything new. But today’s media technology allows retailers to appeal to broader audiences, who can record adventures and share them with the world at large.
March 8, 2019 at 01:21PM
Forbes – Entrepreneurs